Misallocation

Recommended "What's being done is (a) to fabricate some money that has not been saved by postponed consumption and is not owned by someone who earned it (because fiat money isn't earned by anyone and stolen money is certainly not owned by the thief) and then (b) to spend it on projects that seem likely to give jobs (of some kind . . . any kind) to people who will vote, come next election--so that, presumably, the cycle can be repeated." Column by Jim Davies. (Editor's pick)